The Consumer Financial Protection Bureau (CFPB) announced this week that it is opening an inquiry into “buy now, pay later” (BNPL) services, which have become increasingly popular with online consumers. In a December 16, 2021 statement, the CFPB said that it is looking to “collect information on the risks and…
In response to recent changes at the Consumer Financial Protection Bureau (CFPB), including the appointment of Director Rohit Chopra, Goodwin’s Consumer Financial Industry practice created a CFPB Hub to serve as a resource for companies in the consumer financial services space as they navigate regulatory developments. With specific regard to…
Enforcement Watch and Goodwin’s Consumer Financial Services Enforcement Team are excited to announce the arrival of Alli Schoenthal to our team! Alli will reside in our New York office. Alli represents banks, trusts, lenders, government-sponsored enterprises, private equity firms, and loan servicers in consumer finance litigation and enforcement matters. Her practice…
On May 21, 2019, the North Carolina Attorney General’s office (AG) announced that it had obtained a temporary restraining order (TRO) as a result of a consent agreement with a Florida-based online lender in a lawsuit it filed in North Carolina state court on May 15, 2019. The AG alleged that the online lender, which was not licensed in North…
On December 7, 2018, the Federal Trade Commission (FTC) announced settlements with the operators of two Florida-based student loan debt relief companies and their principals in connection with its coordinated federal-state enforcement initiative to target deceptive student loan debt relief scams, called “Operation Game of Loans.” In September and October…
On November 20, 2018, the Federal Trade Commission (FTC) announced that a federal court issued an injunction to halt and freeze the assets of a California-based student loan debt relief scheme. Two weeks prior, the FTC filed a complaint against the operators of the scheme, alleging deceptive acts and practices in violation of Section 5(a)…
During the first half of 2018, Enforcement Watch tracked 40 publicly announced or publicly filed enforcement actions involving consumer financial services companies. The 18 enforcement actions tracked during Q1 2018 represent a substantial decrease from the 46 actions tracked in Q1 2017. That trend continued in Q2 2018, with Enforcement Watch…
On October 24, 2018, the Illinois Attorney General (Illinois AG) announced that it had entered into a settlement agreement with a mortgage company resolving an investigation by the Illinois AG’s Office and the Illinois Department of Financial and Professional Regulation (IDFPR) into allegations of mortgage fraud at one of the company’s branches. According to…
On September 28, 2018, the Federal Trade Commission (FTC) announced that it had reached a settlement with loan debt relief operators in connection with the coordinated federal-state enforcement initiative to target deceptive student loan debt relief scams, called “Operation Game of Loans.” According to the FTC, the operators violated the federal law by allegedly…
On September 7, 2018, the Federal Trade Commission (FTC) announced a settlement with a Georgia debt collection company and its principals over alleged illegal collection practices. In October 2017, the FTC filed an action against the defendants alleging violations of the Federal Trade Commission Act (FTC Act), 15 U.S.C. §§ 45(a), 53(b),…